Press release No. 183 of 29 April 2022
Import prices, March 2022
+31.2% on the same month a year earlier
+5.7% on the previous month
Export prices, March 2022
+15.9% on the same month a year earlier
+4.0% on the previous month
WIESBADEN – Import prices were 31.2% higher in March 2022 compared with March 2021. A higher change on the previous year had last been recorded in September 1974 during the first oil crisis (+32.6% from September 1973). The year-on-year rate of change had been +26.3% in February 2022 and +26.9% in January 2022, according to the Federal Statistical Office (Destatis). Compared with February 2022, import prices were up by 5.7% in March 2022. The current data are beginning to reflect the impact of the war in Ukraine.
High price increase mainly caused by the development of energy prices
In March 2022 energy imports were 160.5% more expensive than in March 2021. The largest influence on the year-on-year rate of the energy price increase had natural gas with a plus of 304.3%, followed by crude oil with a plus of 81.3%.
The index of import prices, excluding crude oil and mineral oil products, increased by 26.6% in March 2022 compared with March 2021 and in comparison with February 2022 it rose by 4.1%.
Change of export prices in March 2022
The index of export prices was 15.9% higher in March 2022 than in March 2021. A greater change on the previous year had last been seen in November 1974 during the first oil crisis (+16.8% from November 1973). In February 2022 and January 2022, the year-on-year rate of change had been +12.4% and +11.9%, respectively.
The import prices form part of the Crisis Monitor (www.destatis.de/krisenmonitor), by means of which the Federal Statistical Office compares the development of major short-term indicators in the Covid-19 crisis and the financial and economic crisis of 2008/2009. Import prices are also provided on the Corona statistics webpage (www.destatis.de/corona) together with other indicators that can be used to assess the economic consequences of the Covid-19 pandemic.
More detailed data and long time series are available in tables Index of import prices (61411-0002 and 61411-0006) and Index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.
